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Arthur J. Gallagher unit acquires captive manager

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Artex Risk Solutions, the Bermuda-based captive management unit of Arthur J. Gallagher & Co., said it has acquired Gibraltar-based captive manager Quest Holdings (Gibraltar) Ltd.

Founded in 2004, Quest specializes in providing services to insurers in Gibraltar, which Artex said establishes a European Union domicile.

Artex has long-admired Quest “and their style and approach to business makes them a perfect match for Artex,” Nick Heys, CEO of Artex’s International operations, said in a statement.

“Quest strengthens us considerably within the Gibraltarian insurance market and brings particular expertise in the U.K. motor arena,” Artex President David McManus said in the statement.

Quest founder and CEO Steve Quinn and the Quest staff will remain with the business, Artex said.

The purchase, the terms of which were not disclosed, is the latest for Artex.

In March, it acquired Guernsey-domiciled Hexagon Insurance P.C.C. Ltd. to build its insurance-linked securities management capabilities. Artex also acquired the insurance management operations of the Kane Group Ltd.